EXHIBIT 12.4 | |||||||||||||||||
Page 1 | |||||||||||||||||
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY | |||||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2003 | 2004 | 2005 | 2006 | 2007 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | |||||||||||||||||
Income before extraordinary items | $ | 197,033 | $ | 236,531 | $ | 231,058 | $ | 306,051 | $ | 276,412 | |||||||
Interest and other charges, before reduction for amounts capitalized | |||||||||||||||||
and deferred | 164,132 | 138,678 | 132,226 | 141,710 | 138,977 | ||||||||||||
Provision for income taxes | 131,285 | 138,856 | 153,014 | 188,662 | 163,363 | ||||||||||||
Interest element of rentals charged to income (a) | 49,761 | 49,375 | 47,643 | 45,955 | 29,829 | ||||||||||||
Earnings as defined | $ | 542,211 | $ | 563,440 | $ | 563,941 | $ | 682,378 | $ | 608,581 | |||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K: | |||||||||||||||||
Interest before reduction for amounts capitalized and deferred | $ | 159,632 | $ | 138,678 | $ | 132,226 | $ | 141,710 | $ | 138,977 | |||||||
Subsidiary's preferred stock dividend requirements | 4,500 | - | - | - | - | ||||||||||||
Interest element of rentals charged to income (a) | 49,761 | 49,375 | 47,643 | 45,955 | 29,829 | ||||||||||||
Fixed charges as defined | $ | 213,893 | $ | 188,053 | $ | 179,869 | $ | 187,665 | $ | 168,806 | |||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | 2.53 | 3.00 | 3.14 | 3.64 | 3.61 | ||||||||||||
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. | |||||||||||||||||
EXHIBIT 12.4 | ||||||||||||||||||
Page 2 | ||||||||||||||||||
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY | ||||||||||||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES PLUS | ||||||||||||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS (PRE-INCOME TAX BASIS) | ||||||||||||||||||
2003 | 2004 | 2005 | 2006 | 2007 | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
EARNINGS AS DEFINED IN REGULATION S-K: | ||||||||||||||||||
Income before extraordinary items | $ | 197,033 | $ | 236,531 | $ | 231,058 | $ | 306,051 | $ | 276,412 | ||||||||
Interest and other charges, before reduction for amounts capitalized | ||||||||||||||||||
and deferred | 164,132 | 138,678 | 132,226 | 141,710 | 138,977 | |||||||||||||
Provision for income taxes | 131,285 | 138,856 | 153,014 | 188,662 | 163,363 | |||||||||||||
Interest element of rentals charged to income (a) | 49,761 | 49,375 | 47,643 | 45,955 | 29,829 | |||||||||||||
Earnings as defined | $ | 542,211 | $ | 563,440 | $ | 563,941 | $ | 682,378 | $ | 608,581 | ||||||||
FIXED CHARGES AS DEFINED IN REGULATION S-K PLUS | ||||||||||||||||||
PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||||
(PRE-INCOME TAX BASIS): | ||||||||||||||||||
Interest before reduction for amounts capitalized and deferred | $ | 159,632 | $ | 138,678 | $ | 132,226 | $ | 141,710 | $ | 138,977 | ||||||||
Preferred stock dividend requirements | 12,026 | 7,008 | 2,918 | - | - | |||||||||||||
Adjustments to preferred stock dividends | ||||||||||||||||||
to state on a pre-income tax basis | 5,137 | 4,113 | 1,932 | - | - | |||||||||||||
Interest element of rentals charged to income (a) | 49,761 | 49,375 | 47,643 | 45,955 | 29,829 | |||||||||||||
Fixed charges as defined plus preferred stock | ||||||||||||||||||
dividend requirements (pre-income tax basis) | $ | 226,556 | $ | 199,174 | $ | 184,719 | $ | 187,665 | $ | 168,806 | ||||||||
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||
PLUS PREFERRED STOCK DIVIDEND REQUIREMENTS | ||||||||||||||||||
(PRE-INCOME TAX BASIS) | 2.39 | 2.83 | 3.05 | 3.64 | 3.61 | |||||||||||||
(a) Includes the interest element of rentals where determinable plus 1/3 of rental expense where no readily defined interest element can be determined. | ||||||||||||||||||